$42.11Bn Growth for Diabetes Care Devices Market Size to Hit 4.8% CAGR with Glucose Monitoring Devices Segment Driving Growth During 2022-2028 | The Insight Partners
United States held the largest market for diabetes care devices industry; while Asia-Pacific region is expected to be the fastest-growing region during 2022-2028. According to the International Diabetes Federation (IDF), diabetes would affect approximately 32.2 million persons aged 20 to 79 across the US.
Pune, India, Aug. 01, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners latest study on “Diabetes Care Devices Market Size Report & Share Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User,” the market size is expected to grow from $28.94 billion in 2022 to $42.11 billion by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028. The global diabetes care devices market majorly consists of the players such as BD; Novo Nordisk A/S; B. Braun Melsungen AG; Medtronic; Tandem Diabetes Care Inc.; Insulet Corporation; Eli Lilly and Company; DEXCOM, INC.; Terumo Corporation; F. HOFFMANN-LA ROCHE.
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Global Diabetes Care Devices Market – Report Scope:
|Market Size Value in||USD 28.94 Billion in 2022|
|Market Size Value by||USD 42.11 Billion by 2028|
|Growth rate||CAGR of 4.8% from 2022 to 2028|
|No. of Pages||190|
|No. of Tables||113|
|No. of Charts & Figures||79|
|Historical data available||Yes|
|Segments covered||Type and End User|
Global Diabetes Care Devices Market Analysis: Competitive Landscape and Key Developments
BD; Novo Nordisk A/S; Medtronic; B. Braun Melsungen AG; Tandem Diabetes Care Inc.; Insulet Corporation; Eli Lilly and Company; Dexcom, Inc.; Terumo Corporation; F. Hoffmann-LA Roche LTD among others are a few of the key companies operating in the diabetes care devices market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In February 2023, Ascensia Diabetes Care has partnered with SNAQ to empower patients with diabetes to make mealtime decisions and improve the management of diabetes.
In April 2022, A partnership between Abbott, CamDiab, and Ypsomed was launched in order to create and market an integrated automated insulin delivery (AID) system in European nations. The linked, intelligent wearable device is intended to continuously track a person’s blood sugar levels, automatically modify, and give the appropriate dose of insulin at the appropriate moment, doing away with the need for guessing in insulin administration.
Browse key market insights spread across 190 pages with 113 list of tables & 79 list of figures from the report, “Diabetes Care Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/diabetes-care-devices-market
Increasing Geriatric Population is Fueling the Growth of Global Diabetes Care Devices Market Growth:
Diabetes among the geriatric population is a growing public health burden. It is a major cause of morbidity and mortality in the aging population and leads to various chronic complications. Moreover, this population is growing exponentially. As per a report of the UN (2019), in 2019, there were ~703 million people aged 65 and older globally. Moreover, according to report of the UN (2019), the global geriatric population is expected to double over the next three decades, reaching 1,549 million by 2050. It is expected to grow significantly in Sub-Saharan Africa, followed by Northern Africa & Western Asia, and Central & Southern Asia. The geriatric population is more likely to have diabetes than the younger population, and its effect on the quality of life is particularly more in the former population. With a rise in the geriatric population, the prevalence of diabetes has increased. Therefore, the growth of the diabetes care devices market is increasing.
Impact of COVID-19 Pandemic on Global Diabetes Care Devices Market:
The spread of the COVID-19 pandemic has emphasized health data sharing and interoperability under the microscope. The interruptions in the supply chain and the massive demand for efficient treatments for the therapy of COVID-19 have put the health research industry in the world in a crucial position. COVID policies in regions have slowed the region’s economic recovery compared to the rest of the world. While the region was extremely successful in slowing the spread of the virus early in the epidemic, it was reluctant to vaccinate and is only now slowly restoring borders and relaxing mobility. In Jan 2022, Japan expanded the areas subject to stricter coronavirus controls to cover 70% of the country, to combat a record wave of COVID-19 cases caused by the Omicron type. As an outbreak centered in the eastern states spread, Australia began 2022 with a record number of new COVID-19 cases, and New South Wales reduced its isolation regulations for healthcare workers as the number of individuals hospitalized with the virus increased.
Case severity and urgency of the operations, clinical staff availability, and the number of backlogged patients is all important factors to consider as hospitals priorities elective procedure categories to ramp up. In the Asia Pacific, the initial wave of the COVID-19 pandemic had a substantial impact on rate of hospital visits. In recent few years, the government bodies of many countries across this region are focused toward advancing the healthcare services. As a result, they are introducing many regulations regarding advanced surgeries and treatments. This factor is working in favour of the Diabetes Care Devices market in the years ahead. Apart from this, the market for Diabetes Care Devices is estimated to gain the advantage of favourable reimbursement policies in several countries. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
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Global Diabetes Care Devices Market: Segmental Overview
The global diabetes care devices market, based on product is segmented into diabetes care devices market is segmented into glucose monitoring devices and insulin delivery devices. In 2022, the glucose monitoring devices segment hold the largest share of the market, by product. Moreover, the glucose monitoring devices segment of diabetes care devices market is also expected to witness growth in its demand at a fastest CAGR of 5.0% during 2022 to 2028. The global diabetes care devices market, based on the end user was segmented into home care and hospitals & clinics. In 2022, the homecare segment holds the largest share of the market, by end user. In addition, the segment is also expected to grow at the fastest rate during the coming years owing to the rise in the prevalence of the diabetes and it makes patients independent to manage and monitor their diabetes.
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